USDCAD: Technical Analysis

Oct 3, 2019

hey traders,

Though USDCAD is very chaotic in the last few days
yesterday we saw a very strong bullish impulse
breaking the resistance line of a falling channel and setting a new higher high higher close.

however, I am very very skeptical about further bullish continuation of the pair.
analyzing structure on 4H and daily chart, we see that the market is entering a wide supply zone.

I will be looking for a reversal formation inside this zone to short the pair.

Target levels will be 1.33 and 1.326

Please, remember: no matter which trading strategy will you choose, with our stop
above the supply zone our position will be protected.

good luck!

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